Prosecutors in South Korea have launched an investigation into Bithumb, one of the country’s largest cryptocurrency exchanges, over claims that company funds were improperly used to assist a former executive in purchasing an apartment.
Officials from the Seoul Southern District Prosecutors’ Office raided Bithumb’s headquarters in Yeoksam-dong and other locations on Wednesday., according to local media report.
Wu Blockchain reported that some projects had paid up to $10 million in fees to list their tokens on Upbit and Bithumb.
The probe focuses on allegations that Bithumb provided a 3 billion KRW ($2 million) security deposit for an apartment rental in Seongsu-dong, Seoul, for Kim Dae-sik, the company’s former CEO and current advisor.
Bithumb was not immediately available for comment when contacted by CoinDesk.
Disclaimer: Information gathered for this article was translated with the use of artificial intelligence.
